You are a professional planner in BC, Canada

You are a professional planner in BC, Canada, and you emphasize a holistic approach to helping your clients to reach their financial goals. In addition to your financial planning and investment service, you provide consulting services on risk management and insurance planning.

After 2 years of their marriage, Eric and Kim are expecting their first child this month and this was not their plan at all. This year Eric will be turned 35 and Jane turned 34. Though they did not plan to have a kid, they considered it a good surprise. With their baby on the way, Eric feels a huge responsibility on his shoulders mentally and financially. They purchased a duplex home for 1.2 million dollars in the City of North Vancouver. It is not spacious, but they feel comfortable and enjoy the neighborhood to raise their child. They applied a 25 years $900,000 mortgage loan plus a $300,00 down payment to purchase the property. The current market value of the property is $1.35 million. The duplex has $8,000 annual property tax and $900 monthly housing costs. Currently, Eric and Kim co-own the title with their neighbor and share the housing cost. Both owners agree to create an annual property budget, and each family pays half. The $900 monthly payment includes home insurance and general repair cost. Eric and Kim work full-time and are not planning to quit their jobs after having a kid. Either Eric or Kim will take maternity or paternity leave to care for the body during the first year. Also, Eric’s parents are living in Vancouver West and are willing to help and take care of the baby once they return to work. At work, Eric and Kim have group medical insurance coverage for dental, vision, and prescription. One of Eric’s co-work, Jane, is a single parent as her husband passed away in a car accident two years ago, and her husband had no life insurance and left her behind with debt and financial distress. Eric wants to have peace of mind to know his wife, Kim, and the kid will be taken care of if he is gone. Even though their parent could help, he believes that this is his responsibility to take care of his own family. After purchasing their new home, they depleted their life savings and felt financially vulnerable. Mainly, they are having a baby on the way, and now they must consider education funds for their kid. Now, they have a student loan of $25,000 and credit cards with a $5,000 unpaid balance, and their monthly expenses, on average, are $2,500. They expect their living expenses to increase by $500 once they have the baby. Both working full time, they receive sufficient earnings to cover their living expenses and mortgage payment, and they can have $2,000 excess cash monthly after their living expenses and mortgage payment. Eric is career-driven, highly values education, and wants to give the same opportunity as he did. He plans to save $160,000 for their kid’s education once he or she turns 18. Currently, Eric has group life insurance with his company, which insurance policy pays off a lump of $250,000 if he passes away. They do not have own a car yet but they will plan to purchase a car once they have the bady. Eric has heard you are a fully licensed CFP, so he came to you and asked for some financial advice regarding insurance. He wants to know whether the group life insurance will be enough, what kind of insurance his family needs, and what amount of coverage he needs